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According to reports, Stephen S. Eubanks, a former financial advisor in Las Vegas, NV, was charged by the Secretary of the Commonwealth in Massachusetts for allegedly engaging in a Ponzi scheme.

Eubanks has allegedly taken at least $529,000 from friends and neighbors the past few years, according to a complaint notice from the office of the secretary Tuesday. Investors are seeking to recover their money.

According to the complaint notice, in 2011 Eubanks posed as a successful hedge fund manager who operated Eubiquity Capital, LLC. He asked investors for money to invest in stocks, options and other securities. Instead, $145,000 was used to pay for personal expenses and $140,000 was used to repay earlier investors.

He reportedly continued the Ponzi scheme by obtaining more money from new investors, which was used to pay for his lavish lifestyle, including vacations to Martha’s Vineyard, boat payments and a partial payment of his federal tax debt, the notice said.

According to his Broker Check, Eubanks was registered with Bright Trading, LLC in Las Vegas, NV from 03/2010 – 08/2016. He has three customer disputes that are now closed. He was discharged from Bright Trading in August 2016 in light of the investigation by the Chicago Stock Exchange.

If you suffered losses investing with Stephen S. Eubanks, the securities attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.

The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.